柏楚电子（688188.SS）：3Q26业绩符合预期后的数据更新；中性

Bochu reported 3Q26 results largely in line with GSe, with revenue/gross profit/EBIT/net profit recording yoy growth, while GPM/OPM/NPM came in slightly lower yoy. 3Q26 plane/tube/3D solution revenue recorded solid yoy growth, and domestic demand held up well at plane/tube/3D solution, partly on replacement demand for high-speed laser equipment given the 3-5 year cycle. Overseas sales have been experiencing continuous weakness since the end of 1Q26. Robot welding systems shipped more than 1,600 units in 1-3Q26 (surpassing FY25's 1,400 units) and generated meaningful revenue;